Australian (ASX) Stock Market Forum

Joined
Nov 20, 2012
Posts
3
Reactions
0
That is something that you will have to figure out once you meet with an Adviser. I am a financial adviser based in Melbourne but I always believe that clients should pick an adviser that they are comfortable with and build a relationship over time.

* look for someone that is prepared to be with you for the long haul and not just someone to sell you product and off you go into the wide world.

As per ASIC Notice - There is no advice being provided in relation to financial advice.
 

Julia

In Memoriam
Joined
May 10, 2005
Posts
16,986
Reactions
1,936
Hello Red123nz

Welcome to ASF. As a financial advisor, would you be agreeable to responding to a hypothetical scenario?

What I think would be interesting would be if I might 'present' as a new client, briefly describe my situation and aims, and have you respond with a brief outline of a suitable strategy?

(To be clear, I personally am not looking for financial or other advice and this would be an exercise only. )

Across this forum there is much criticism of financial advisers. Might be an opportunity to improve the image of the profession.
 

Julia

In Memoriam
Joined
May 10, 2005
Posts
16,986
Reactions
1,936
My opinion...

Go independent. Check out something like http://ifaaa.com.au/products.php?pid=9fuhj5
What assures you that the advisers in that link are truly to be trusted?
Perhaps I'm unreasonably cynical, but I'd be somewhat suspicious about a firm which calls itself' "Financial Planning Expert".

Then, also from your link, there is this:
In 2006 we started providing independent financial advice. Having worked in advice firms riddled with conflicts of interest, we either had to quit or start our own version of what great advice ought to be. Today, we are one of the few truly independent advice firms in Australia. Out of Australia's 18,000 advisers, less than 20 can call themselves independent.

We work for you alone. It's the only way to deliver advice that can be trusted.
Really? Twenty out of 18,000? I wonder how they'd back up such a claim?

The investors in Storm Financial thought they'd found advisers who could be trusted also.
 
Joined
Nov 20, 2012
Posts
3
Reactions
0
Hello Red123nz

Welcome to ASF. As a financial advisor, would you be agreeable to responding to a hypothetical scenario?

What I think would be interesting would be if I might 'present' as a new client, briefly describe my situation and aims, and have you respond with a brief outline of a suitable strategy?

(To be clear, I personally am not looking for financial or other advice and this would be an exercise only. )

Across this forum there is much criticism of financial advisers. Might be an opportunity to improve the image of the profession.
Hi Julie,

My question would be what would be the aim of the exercise? The issue with providing advice in this general term would be that others could use this if their situation was similar to theirs and if something would go wrong they could say that the advice given on the forums for a generic situation was advice that they thought could apply to them etc etc...

I know its can be tiresome but at the end of the day in a society that is riddled with wanting to sue that's the scenario I would not what.

Happy to work with you to do something though.

I also note this ASIC notice - (4) It is not permitted for any member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor.
 
Joined
Nov 16, 2011
Posts
235
Reactions
0
What assures you that the advisers in that link are truly to be trusted?
Perhaps I'm unreasonably cynical, but I'd be somewhat suspicious about a firm which calls itself' "Financial Planning Expert".

Then, also from your link, there is this:

Really? Twenty out of 18,000? I wonder how they'd back up such a claim?

The investors in Storm Financial thought they'd found advisers who could be trusted also.
Julia I work in a privately owned and non-aligned firm. The reason there are so few 'independent' advisers is if you take home loan or insurance commissions you are not 'independent'.
 
Joined
Nov 16, 2011
Posts
235
Reactions
0
One way of tracking down a financial adviser would be checking out the Financial Planning Association of Australia. www.fpa.asn.au
 

Julia

In Memoriam
Joined
May 10, 2005
Posts
16,986
Reactions
1,936
Thanks, vixs. My original post on this was many months ago. I can't now remember the context.
I don't need a financial adviser.
I think I was just a bit sick of people touting that they were 'independent' and 'non-aligned' when often they were not.
 
Joined
Feb 9, 2008
Posts
1,217
Reactions
50
One way of tracking down a financial adviser would be checking out the Financial Planning Association of Australia. www.fpa.asn.au
My experience with members of the FPA, when the GFC hit, was a disaster. Huge percentage based fees on our portfolio balance and costs for excessive accounting even when the market got smashed. Plus an "attachment" to managed funds and sage advise to just "hang on... I've seen all this before".... Added to zero understanding of direct share investment and individual stock trends.

I know this is generalising re FPs but I now prefer to work with an ethical chartered accountant who understands SMSFs, an online analyst (for a fee) and a range of other resources.

Now if I could find a FP who charged modest fees and who was prepared to share losses as well as gains........
 
Joined
Dec 10, 2012
Posts
3,632
Reactions
2
My experience with members of the FPA, when the GFC hit, was a disaster. Huge percentage based fees on our portfolio balance and costs for excessive accounting even when the market got smashed. Plus an "attachment" to managed funds and sage advise to just "hang on... I've seen all this before".... Added to zero understanding of direct share investment and individual stock trends.

I know this is generalising re FPs but I now prefer to work with an ethical chartered accountant who understands SMSFs, an online analyst (for a fee) and a range of other resources.

Now if I could find a FP who charged modest fees and who was prepared to share losses as well as gains........
I've been diddled by some bad FPs many years ago, and sometimes still feel bitter that they probably put me 10 years behind where I should be. Was a very costly lesson to learn and I now view anyone offering advise from a very cynical perspective.

While not advisors I will say that the staff at FIIG are probably the only ones in the financial industry I've dealt with who weren't pushing product and were quite knowledgeable of their area of expertise.

I liked that when I went to them with my selections, the lady assigned to me came back with what she thought was a better investment and the reasons why. With a bit of tooing and frowing I came to accept her thoughts and followed her advise.

It is that kind of relationship I'd like to have with an FP, but I don't see it being cost effective unless you were dealing with large sums of money.

I really would like some guidance on the sell side. I have some shares now that have had good 30% runs since purchase, and while offering an 8% gross yield, I am starting to wonder if I should take the profit and find some other shares that have been less loved by the market.
 
Joined
May 8, 2012
Posts
27
Reactions
0
Where can I find a reputable financial advisor?
I can appreciate why the public has distrust for financial advisers.

However, there are some, although not many honest financial advisers, who provide value for money and conflict free advice.

For conflict free advice, your financial adviser should satisfy the following 3 criteria:

1. They don't have ownership links or affiliations with any product manufacturers. (I have read that about 80% of the financial planners in Australia are affiliated with a product manufacturer)

2. They don't receive commissions or incentive payments from investment products. (can be rebated)

3. They don't charge a percentage of your assets. (this is really a commission disguised as a fee)
 
Joined
Feb 8, 2013
Posts
2
Reactions
0
Re -Where can I find a reputable financial advisor?

There are none.

Do your own thing or learn how to.

They just cover their own nest.

Acan
 

Similar threads

Top